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Monday, 20 August 2018

China 300 Index reflecting Equity Market of China and Hong Kong: 20 August 2018, Monday, 10.06pm Singapore Time


China 300 Index reflecting Equity Market of China and Hong Kong: 
20 August 2018, Monday, 10.06pm Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the technicals for China 300 Index.
Shorting China for the short term @ 3219.9 points.


DBS Bank: 20 August 2018, Monday, 7.59pm Singapore Time

DBS Bank: 
20 August 2018, Monday, 7.59pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the updated technicals for DBS Bank. The DBS Super-Cycle uptrend has now been delayed slightly by the current "trade-war spat" and the property cooling measure. The market is using the events to back-test the green support region ($20.00-$25.00) and the black support region to confirm the supercycle bull towards beyond $40.00 and $53.42. The expected trajectories are in dark orange and light orange respectively. The short term backtest does not derail the large uptrend. The technical price structure is one in which the critical super-cycle breakup got executed in 2017, and the critical backtest to confirm the supercycle bull got executed in 2018. 


Sunday, 19 August 2018

Ranking of Major Markets in America, Europe and Asia with SCTR Scoring System, and the associated interpretations and strategies: 19 August 2018, Sunday, 1.11pm Singapore Time



The StockCharts Technical Rank (SCTR) is tool that separates the cream from the crop.

Quoting from stockcharts.com:
"In any given SCTR universe, the top 10% will rank between scoring of 90 and 100, while the bottom 10% will rank between the scoring of 0 and 10. 90-100 represent strong strongest scoring, while 0-10 represent weakest scoring. A stock scoring 50 would be average, showing neither relative strength nor relative weakness. In general, scores between 40 and 60 are considered average. Signs of technical weakness start to appear as scores move below 40. Signs of technical strength emerge when scores move above 60."

The below is how to access the SCTR Indicator Reading:
(Click on Illustration above to Expand)

Detailed educational materials may be found here for your detailed learning
(Do read from here so that I do not need to re-invent the wheel):

Out of the universe of technical analyses, 90% are nonsense, and rubbish at best. However, the SCTR (Stock Charts Technical Rank) is a gem. This is one of my secret fine weapon when classifying which markets to long and which markets to short or at least reduce risk exposure. And I decided to be selfless in revealing one of my methods to do a major macro-filtering -- in seek of the right macros.

Relative Benchmark:
SPDR Dow Global representing Global Mean
(Click on Chart above to Expand)

Attached above is the global market performance as a relativity benchmark. It has a scoring of 38.6. This means that we could consider having a stronger tendency to buy or overweight on markets which have a scoring of >38.6.

Next, we can start to search for every individual country for consideration. I have enlisted 28 major markets for consideration and ranked them by their SCTR scorings. The following is the result:

(Click on Chart above to Expand)

NASDAQ appeared to have the top score of 86.7 and is the strongest market in the world -- at the strongest performing, most bullish, and most outperforming end of the market strength spectrum. This is followed by S&P 500 with a scoring of 78.9 and DJIA with a scoring of 75.8. Now, it is not difficult to see that US economic growth is the strongest in the world -- in a premier league of its own.

This represents tier one in which we would seek to be overweight and is why I had reiterated countlessly to be overwhelmingly over-skewed (overweight) towards such markets when buying stocks. It is also why my US stock market portfolio (70% are in US market) is the best performing with the NYSE-NASDAQ Top 8 Stocks analysed previously mostly giving good returns and will continue to do so in the next 9mths-12mths. Even those outside the US Top 8 as choices are giving me outperforming returns since January 2018.

(Click on Chart above to Expand)

Next comes the 2nd tier above, ranked from 4th to 7th. They are India, Australia, Canada and Switzerland with system scoring of 63.2 to 37.9 in descending order. These are still markets which if you buy stocks, you get profits easily and outperform the global markets greatly. These are countries whose growth are exceedingly strong. They are also considered premier league.


(Click on Chart above to Expand)

The next layer, the 3rd tier, are markets on par with global market growth. They still represent good-performing markets for the long term, mid term and short term. They are Mexico, Taiwan, Malaysia and Sweden with a score of 35.1, 31.6, 28.9 and 26.0 respectively.

(Click on Chart above to Expand)

Next, we have the 4th tier as above. They are considered under-performing markets and are slightly below average in performance. They are France, Hong Kong, EAFE as one Bloc and the UK. Investors will and should tend to realise by now that switching to more weight in US strong stocks with clear cut uptrend (higher lows higher highs for the past 9 months) will had given them much better performances even under bad case scenario just by using SCTR system.

(Click on Chart above to Expand)

In the 5th tier, we start to have lousier markets (weak markets). These are markets in which growth is weak or not that sustaining, and their economies are more fragile in current hawkish macro-economic environment. These are Japan, Holland, Belgium and Singapore, with market SCTR score of 22.8, 19.2, 16.9 and 15.4 respectively.

(Click on Chart above to Expand)

In the 6th tier, we have very weak markets whose growth are taking hits. Based on this tier, it is quite glaringly clear that Trump's trade war on especially the high end sectors is taking a toll on these economies. Germany's, Korea's and China's meat seem to be becoming US' meat. In this 6th tier of markets which we would want to seek to avoid, they are Austria, Germany, S.Korea and China. The trend is one's best friend and they are likely to remain weak in growth in 2019 when their meat are eaten by Trump administration -- not that they are unable to grow, but their growth will far under-perform global markets now. 

(Click on Chart above to Expand)

In the penultimate layer, we have the 7th tier ranking making up of Spain, Emerging Market Bloc, Russia and Italy. They have a score of 9.1, 9.0, 7.0 and 3.8 respectively. They are extremely weak. They are so weak that they may even be considered for shorting on short term strengths to hedge the volatility and protect one's portfolio of longs and investments -- for example when market dips, long US and when markets rebound, short these weakest markets in the macros background.

(Click on Chart above to Expand)

On the last final tier, the 8th tier, we have the Brazil markets (and South Africa). Brazil seems a potential to join Venezuela sort of mess or embarrass the BRICS.

Lastly, it does seem that India is the only strong one among the BRICS (South Africa has SCTR score of just 1.0). On another note, notice in the second tier and third tier -- does it coincide with the list of countries proposed by the US to form an Indo-Pacific Partnership with the US? (Such partnerships may actually indeed be formed). These are countries with strong ally-relationship to the US or are starting to re-align again to the US based on my observation of the times.

Note also that US markets of NASDAQ, S&P500 and Dow Jones had consistently and persistently been above the SCTR score of 50. If one had been tracking SCTR periodically, and had determined US markets had been the place to be in (correlation: strongest market reflecting strongest economy), one's trading and investing portfolio performance would generally be outperforming and most rewarding on the macros (after that then apply the micros to select best stocks). 


Friday, 17 August 2018

Direxion Daily FTSE China Bear 3X (AMEX: YANG): 17 August 2018, Friday, 10.25pm Singapore Time


Direxion Daily FTSE China Bear 3X (AMEX: YANG): 
17 August 2018, Friday, 10.25pm Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the technicals for Direxion Daily FTSE China Bear 3X (AMEX: YANG) that is listed in the US Market. As this is Direxion-Bear ETF, upmove means bearishness for the Chinese Market. As this ETF is 3X in beta (wild volatility), it is often used for general hedging. Direxion Daily FTSE China Bear 3X had broken up the black channel, back-tested the channel resistance as newfound support (2nd green circled region) and found support at the 50MA (3rd green circled region).

The bullish supports of FTSE China-Bear ETF are also the bearish resistances on China Indices and Chinese Equity Market including the Hong Kong region. In the mid term ahead until the US mid-term elections, Donald Trump will likely continue to fire more salvos. China is losing badly in the initial rounds of the trade war based on latest development in the Market Technical Reading.

On the other hand, US market and the US economy is not much hurt at all, meaning that the trade war had actually been carefully planned, deliberated and executed such that other economies are ring-fenced as much as possible. This is why the current set-up in worldwide financial markets are of the following spectrum-characteristic now: US Market taking up the extreme end of the bullish scale and China Market taking up the other extreme end of the bearish scaleThe rest of the world's markets fall in between. Those that are more friendly to US will be more bullish, and the vice versa will be true as well. 


China 300 Index reflecting Equity Market of China and Hong Kong: 17 August 2018, Friday, 1.00pm Singapore Time

China 300 Index reflecting Equity Market of China and Hong Kong: 
17 August 2018, Friday, 1.00pm Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the technicals for China 300 Index. The red support-turned-resistance band could not be negated suggesting the initial sign that China may lose the trade war with US. 

The double confirmation made by the financial market that China is losing the trade war has been achieved this week (refer to final red circled region with respect to the 3271-3377 point Support-Resistance Band). The amber orange circled region was an important pivot and this pivot has been broken down. 

The current set-up in worldwide financial markets will be of the following characteristic now:
US Market taking up the extreme end of the bullish scale and China Market taking up the other extreme end of the bearish scaleThe rest of the world's markets fall in between. Those that are more friendly to US will be more bullish, and the vice versa will be true as well. I am unloading all my China index holdings, China investment and China stocks. I will be shorting (short-selling) China indices and China ETFs.


Wednesday, 15 August 2018

Tencent Holdings (HKSE: 00700): 15 August 2018, Wednesday, 10.32pm Singapore Time

Tencent Holdings (HKSE: 00700): 
15 August 2018, Wednesday, 10.32pm Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the technicals for Tencent Holdings that is listed in Hong Kong (HKSE: 00700). It does seem like Tencent Holdings is enacting my live forewarnings back in January 2018 -- that tech stocks will be unloaded by hedge funds sharply in 2018 as they are over-valued and to serve as sector rotation from tech to commodity-energy stocks to mark 50th percentile of a bull market. Tencent had completed a 9month-12month Shoulder-Head-Shoulder (SHS) Price Structure. The Target Price projected down to satisfy the SHS to end the major correction will be $264.60-$266.60, projected by X = height of head in SHS. Tencent has successfully backtested the neckline breakdown this week. It is a signal for Tencent to proceed going down towards TP on chart.

Additional Note:
Note that at TP of $264.60-$266.60, The long term uptrend of Tencent Holdings is not derailed at all.
Refer to Attached Chart Below:

Tencent Holdings (HKSE: 00700): 
15 August 2018, Wednesday, 10.32pm Singapore Time
(Click on Technical Chart above to Expand)


Tuesday, 14 August 2018

The Gold Support-Resistance Matrix: 14 August 2018, Tuesday, 1.29am Singapore Time

The Gold Support-Resistance Matrix: 
14 August 2018, Tuesday, 1.29am Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the latest updated chart based on the latest development in the Gold Market. The Gold market is moving along the Support-Resistance Matrix as shown. The black matrix mesh is the selling pressure suppressing gold and the red matrix mesh is the buying pressure buoying up gold. The green circles are where prices are reactive to the support mesh. We are currently approaching this buying pressure where there will be invisible hands scooping up gold. The multiple smoothing MA (14, 10, 9) is above the bullish green cloud formed by the 50EMA and 200EMA. Together, the set-up is still a bull market in gold with uptrend intact. In sum, I am still bullish of Gold moving up close to 2x beyond $2000 an ounce as my long term target price. Bullish.


Monday, 13 August 2018

National Oilwell Varco (NYSE: NOV): 13 August 2018, Monday, 9.29pm Singapore Time


National Oilwell Varco (NYSE: NOV):
13 August 2018, Monday, 9.29pm Singapore Time
(Click on Technical Chart above to Expand)

Attached above is the technicals for National Oilwell Varco (NYSE: NOV), an oil and gas company listed in the US Market of NYSE and a component stock of S&P 500 Index. The dark green shaded region is my live analysis buy on 26 Feb 2018 (+27.1% profits now). It is also ranked as my top 8 stocks for US markets. The light green regions are my reiterations on buy on energy-oil stocks. The final light green region is where I am adding some buys today while setting my stop loss to break-even to release all my capital for more buys. For the dark green regioned buys, now my maximum loss is zero and maximum profits is as high as the trend can go -- indefinitely. This stock passed my stringent stock selection tests as follow: 1. Fundamentals 2. Funds Flow 3. Technicals 4. Volume (refer technical chart).

Previous Analysis:
http://donovan-ang.blogspot.com/2018/02/national-oilwell-varco-nyse-nov-26.html

Yangzijiang Shipbuilding: 13 August 2018, Monday, 4.30pm Singapore Time


Yangzijiang Shipbuilding: 
13 August 2018, Monday, 4.30pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the Major Wave Technicals for Yangzijiang Shipbuilding, an STI Index Component Stock (Blue Chip) that is listed in the Singapore SGX (SGX: BS6). Yangzijiang has broken up the black trendline resistance as illustrated in light green circled region. This breakup of resistance follows the successful backtest of fibonacci 78.6% retracement support. The was achieved with high volume flow, i.e. where smart monies would like to end the correction. The volume flow is an exact duplicate of the breakout in end-2016 which spurred a more than 2x rally. Yangzijiang will attempt to spur another 2x rally from here.  See the pattern recognition region as illustrated on chart (light orange arrows).

Next target: $2.00.


Friday, 10 August 2018

Point and Figure of Dow Jones Industrial Average: 10 August 2018, Friday, 11.34am Singapore Time

Point and Figure of Dow Jones Industrial Average: 
10 August 2018, Friday, 11.34am Singapore Time
(Click on Point & Figure Chart above to Expand)

Attached above is the Point and Figure Technicals for the Dow Jones Industrial Average (DJIA).

There is just one main point to note in this analysis -- The Green Circled Regions. Notice what happens each time the Green Circled Region is executed? Each time there will be some major bullish event reported in the international newspapers, not long after the price actions did their job in the green regions. And the markets are seeing another green region formed recently now.


Tuesday, 7 August 2018

Reuters-Jefferies Commodity CRB Index: 7 August 2018, Tuesday, 9.30pm Singapore Time

Reuters-Jefferies Commodity CRB Index: 
7 August 2018, Tuesday, 9.30pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the technicals for Reuters-Jefferies Commodity CRB IndexThe index comprises of 19 commodities, namely Aluminum, Cocoa, Coffee, Copper, Corn, Cotton, Crude Oil, Gold, Heating Oil, Lean Hogs, Live Cattle, Natural Gas, Nickel, Orange Juice, Silver, Soybeans, Sugar, Unleaded Gas and Wheat.

The orange circled region is where my live analyses back in January 2016 called for the rock bottom on the crude oil market, metals market and commodities market -- before prices moved. During the same time, my analyses also called for the rock bottoming out of such sector of stocks (including shipping/shipbuilding stocks which have HIGH correlation to the commodity cycle).

The blue circled regions are where commodities' transition from harsh winter to newfound spring got confirmed during 1H-2018. 1H-2018 is essentially a confirmation of newfound bull market for worldwide commodity stocks (energy, crude oil, metals, raw materials, hard commodities and soft commodities), as well as shipping/shipbuilding stocks. This also confirmed that worldwide macro-cycle of the stock market is at the 50% point (mid-point) -- this is a standard expansionary-recessionary phase within the economic model, something that CFA graduates should know. If 2008-2018 is the first leg of super-scale bull market, then 2018-2028 will be the second leg where majority of gains for most stocks will be made.

The light green circled region represents back-test confirmation for the next super wave up. Commodities and Stock Markets worldwide are preparing to resume the next extremely big wave up.

The Donovan Norfolk Technical Rating of Commodities and the Commodity CRB Index: 
Ultra Big Wave Up (2H-2018, 2019 and 2020)

Monday, 6 August 2018

Funds Flow of Pfizer Inc (NYSE: PFE): 6 August 2018, Monday, 9.50pm Singapore Time

Funds Flow of Pfizer Inc (NYSE: PFE): 
6 August 2018, Monday, 9.50pm Singapore Time
(Click on Funds Flow Chart above to Expand)

Attached is the Funds Flow of Pfizer Inc which is listed in the US Market (NYSE: PFE). Pfizer Inc had been experiencing strong funds inflow for the past 1.5 years. It is no surprise that it broke out the 2 triangular consolidations in black. The Smart Money Funds Flow Control is still of strong net inflow. Another 10%-20% upside target from here is not difficult to achieve. The uptrend will keep going until I declare bearishness.


Friday, 3 August 2018

Toyota Motor Corp (NYSE: TM): 3 August 2018, Friday, 8.29pm Singapore Time


Toyota Motor Corp (NYSE: TM): 
3 August 2018, Friday, 8.29pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the Technicals for Toyota Motor Corp that is listed in the NYSE (NYSE: TM).
Toyota has very bullish volume flow. After breaking up the light blue classical line of resistance, it engaged in large scale symmetrical triangle of re-accumulation in black. This triangle can be regarded as a pennant with the pole measuring $35.00 in height. The breakout point is expected to be at $135 region, giving a target price of $135 + flag pole height = $135 +$35 = $170. 

The Donovan Norfolk Technical Rating of Toyota Motor Corp: 
Bullish

Thursday, 2 August 2018

CIMB Bank: 2 August 2018, Thursday, 11.33pm Singapore Time


CIMB Bank: 
2 August 2018, Thursday, 11.33pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the Technicals for CIMB Bank that is listed in the KLSE (KLSE: 1023). CIMB has completed back-testing the light green support zone and is currently confirming the Yellow support zone as well. Successful backtest of Yellow support zone and Light Green support zone means that $7.40 resistance will be broken up for more new highs in the coming months to year 2019. The 2 heavy volumes of selling absorption will provide the fuel for a significant rally. Price structure as follows -- Long Term: Uptrend; Mid Term: Correction; Short Term: Sideway/Uptrend to End Correction

The Donovan Norfolk Technical Rating of Worldwide Equity Markets: 
Bullish

Additional Note:
Worldwide bank stocks are expected to shoot through the roof in 2H-2018 and 2019. More waves of super rally in equity markets can be expected in 2H-2018, 1H-2019 and 2H-2019 -- amidst the backdrop of 80% market majority having the conviction of a bear market coming.

Important Cross-Reference:
http://donovan-ang.blogspot.com/2018/07/spdr-financial-select-sector-index.html


The Kind of Secular Cycle worldwide financial markets are in (India as example): 2 August 2018

The Kind of Secular Cycle worldwide financial markets are in (India as example): 
2 August 2018
(Click on Technical Chart above to Expand)

Attached above is the Technicals for the India Stock Market using NIFTY 50 Index for example to show the kind of Secular Cycle worldwide financial markets are in. I will be showing more other markets' Super-Cycle in time to come. 

India is on the black channel trajectory as illustrated above. We are currently at 11295 points. The grey lines represent middle of the channel. The green lines are the fibo 1-1 projection which gives 14062.5 points as the next upwave target for the current resumption of worldwide bull market.

This upwave will coincidentally hit the middle of the secular cycle mid channel only in a few years' time which will see the next significant healthy correction. Secular cycle and long term cyclic bull markets will often end at the upper end of a channel. This will be when India NIFTY is projected to hit at least 28125.0 points using the most conservative approach of 1x-1x linear projection. Using a logarithmic scale projection the purple circled final target region is actually way more than that. However, I am giving 28125 points target because it is conservative and it will ensure my targets are hit -- under-promising and over-delivering.

If anyone tells you that we are into bear market or going into a stock market crash, I say, please do not bullshit with me. Worldwide markets are going into the most crazy stock market rally of a life-time -- never ever seen before.

The Donovan Norfolk Technical Rating of Worldwide Equity Markets: 
Bullish

Tuesday, 31 July 2018

Yamana Gold (NYSE: AUY): 31 July 2018, Tuesday, 8.05pm Singapore Time


Yamana Gold (NYSE: AUY):
31 July 2018, Tuesday, 8.05pm Singapore Time
(Click on Technical Chart above to Expand)

Attached is the Technicals of Yamana Gold, a Canadian company that is also listed in the US Market (NYSE: AUY). It is in tune with my expectation of Gold about to resume its long term uptrend again. As Gold had been making way too much consolidation, its target will not be merely $1550-$1600 an ounce anymore. Gold target is an almost guaranteed $2000 an ounce with an expectation to break out $2000 an ounce psychological resistance. Yamana Gold will benefit from such a macro-economic tide. Already, at $1200 an ounce of consolidation for Gold (testing patience), Yamana Gold has made way much higher high, using a big rounding bottom of re-accumulation. The volume flow is bullish as illustrated on chart. Expected trajectory is also as illustrated on chart. 

The Donovan Norfolk Technical Rating: 
Bullish

Monday, 30 July 2018

Venture Corp, Technology Sector and Sector Rotations: 30 July 2018, Monday, 1.45pm Singapore Time

Venture Corp Chart 1
(Click on Technical Chart above to Expand to read the Full Illustrations)

Attached is the technicals of Venture Corp -- STI index component tech stock. The light-orange circled region is my live analysis on 15th July 2016 forewarning that technology stocks and the NASDAQ back then were about to rally massively, and that Venture would massively rally as well (refer to past track record here: http://donovan-ang.blogspot.com/2016/07/sgx-venture-klse-technology-index-and.html). Right after my preempting, Venture Corp rallied from my $8.82 buy point to hit $28.81, a returns of +327% in just 2 years.

The dark-orange circled region is my live analysis in January 2018 calling for most tech stocks such as Venture Corp to start peaking for sector rotation from technology stocks to energy stocks, crude oil stocks, commodity stocks, shipbuilding stocks and shipping stocks (the cyclical stocks). A few months after my live fore-warnings on the cycle, true enough with precision again, chips-makers and many tech stocks which had gone ahead of their fundamentals plunged -- with significant severity.

If you are still holding Venture Corp at $8.82, you would had gotten out with more than +100% profits. You are still able to get out with more than +100% profits since I prefer to rotate monies in accordance to my sector rotation rules. My stand is still the same: I will rotate out of Venture Corp and go into Keppel Corp, Sembcorp Marine, Cosco, Olam, Diamondback Energy, or any other quality related sector stocks.

Note that my underweight on tech stocks excludes those quality Tech companies with innovation and patent breakthrough, such as Creative Technology which I still deem high upside. There will always be outliers that outperform industry greatly because these companies go for research breakthrough. My underweight on tech stocks also does not mean I am bearish of them. Do note that the tech sector is still in bull market, just that in sector rotation, Commodity-Energy-RawMaterial stocks and Shipping-Shipbuilding stocks are expected to move up 3x units for every 1x unit up in tech stocks.

My stand is still the same in the macro-economics as we reach the mid-point of a long-journey bull market -- overweight depressed sector (commodities, energy and O&G-related, raw materials, shipping, shipbuilding) and underweight over-bloated sectors (e.g. technology). Dump defensive sectors and add pro risk-on sectors (against the herd) in the economic expansionary phase.

Attached below is the Venture Corp analysis made in 2016 for reference:
Venture Corp Analysis in July 2016 -- 2 years ago
(Click on Technical Chart above to Expand to read the Full Illustrations)

Cheers, and Best of Luck always.
Luck comes to those who do plenty of research work and hard work.

Funds Flow Track of PUC Berhad (KLSE: 0007): 30 July 2018, Monday, 12.59am Singapore Time

PUC Berhad (KLSE: 0007): 
30 July 2018, Monday, 12.59am Singapore Time
(Click on Funds Flow Chart above to Expand)

Attached is the Very Long Term Funds Flow Tracking on PUC Berhad that is listed in the KLSE (KLSE: 0007). I am sharing this very long term tracking analysis only because there was a very special request made by someone. Note that I rarely entertain special request. With the buildup in such funds flow, I reckon long term investors would eventually be rewarded with decent multifold upmove based on the funds flow in control. Interpretation: Bullish.

The Donovan Norfolk T.A and F.F.A Rating: 
Bullish

Sunday, 29 July 2018

Kerry Logistics (HKSE: 0636): 29 July 2018, Sunday, 11.41am Singapore Time

Kerry Logistics (HKSE: 0636):
29 July 2018, Sunday, 11.41am Singapore Time
(Click on Technical Chart above to Expand)

Attached is the Technicals of Kerry Logistics that is listed in Hong Kong Market (HKSE: 0636). It is another litmus paper proof of shipping industry's switch from winter to new spring. This causes the logistics sector to pick up and get busy as well. As per what I had taught previously, when the commodities and shipping/shipbuilding sector transits into newfound spring, we are at the mid-point of a bull market. 2008-2018 had been the first leg of a bull market. 2018-2028 is to be the 2nd leg of an expansionary bull market. 2nd leg is where majority of gains will be made for 80% of all stocks. 

The technicals show how the large accumulation had been made -- firstly decreasing volume flow going into the base of the rounding bottom, accumulative volumes at the base (green rectangular zones for instance), volume absorption of fools' monies who are calling for bear market as the markets go up, and low selling volumes as we approach towards the completion of the rounding bottom. See how smart monies in Hong Kong are making such a finest quality volume flow when it comes to trading and investing? If not, re-read and re-digest until you get the flow image in your mind -- this is where one gains enlightenment and insights on volume flow.

Contrary to 90% herd who represent fools' monies calling for bear market or bear market crash due to current trade war, markets will continue to make new historical all time highs every year, dumping most people behind. More new highs can be expected in 2019. 

The Donovan Norfolk Technical Rating: 
Bullish